Ripple raises $275 million in senior notes for prime brokerage push
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Ripple raised $275 million in an upsized private placement of senior unsecured notes through Ripple Prime, its non-bank prime brokerage.
Key facts
Ripple raised $200 million at a $40 billion valuation from global investment firm Neuberger Berman in May to expand its Ripple Prime platform
Ripple raised $275 million in an upsized private placement of senior unsecured notes through Ripple Prime, its non-bank prime brokerage
The crypto firm said that since it acquired Hidden Road and rebranded it as Ripple Prime in 2025, this platform’s revenue has tripled year over year
Credit analysis agency KBRA assigned the notes an investment-grade rating of BBB, consistent with the issuer rating it previously assigned to Ripple Prime
Summary
Credit rating agency KBRA assigned the new notes an investment-grade BBB rating, in line with the issuer rating it previously gave Ripple Prime. The offering follows Ripple’s $200 million fundraise at a $40 billion valuation in May to grow Ripple Prime, whose revenue has tripled year over year since the 2025 acquisition and rebranding of prime broker Hidden Road, as Ripple continues to build out its institutional crypto services around its XRP token.